New York, , Oct. 05, 2022 (GLOBE NEWSWIRE) -- The Global Functional Food Market Size Was Valued At USD 189.5 Billion In 2021. The Market Is Projected To Grow USD 285.3 Billion In 2030, At A CAGR Of 4.52%. as per the latest research report by Spherical Insights & Consulting.
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The market is expected to rise due to rising demand for nutrient-rich foods as a result of busy lives and increased consumer knowledge of their health advantages. On-the-go snacks with added nutrients that provide rapid sustenance are becoming increasingly popular. The need for functional foods has increased as consumer interest in nutrition and health has grown. Consumers are drawn to foods that have functional ingredients in order to lower the risk of specific health concerns, such as obesity, weight loss, diabetes, and cardiovascular disease. Stressful lives and rising stress levels have contributed to the rise in the occurrence of such health problems. Various functional food trends are gaining popularity, such as the increased demand for hemp-infused meals and beverages, probiotics, and prebiotics, which are helping the market's growth.
The increased demand for healthy and nutrition-rich diets is driving the functional food and beverage market trends. Consumer demand for products with enhanced nutritional profiles has been spurred by changing lifestyles and rising affluence around the world. Functional beverages, for example, are made to be consumed on the go and provide additional nourishment. Increasing product research and innovation activities, the availability of a wide variety of products, particularly across e-commerce platforms, and market participants' use of innovative promotional techniques are all contributing to the market's growth.
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The sudden outbreak of the coronavirus pandemic has had a significant impact on functional food and beverage raw ingredient sourcing, production, farming, processing, packaging, and transportation. The imposition of a strict lockdown across several economies to stop the spread of the virus had a negative impact on the production and distribution of these products in the early months, as production plants/factories were forced to operate on a staggered schedule and close partially or completely. However, the market has picked up speed as protocols to deal with COVID-19 have been more relaxed. Another issue the sector has experienced is the restriction of the export of some active nutraceutical ingredients across major importing and exporting countries including China, India, and the United States. The growth of the functional food and drink business is also hampered by logistical and other issues.
North America dominated largest market share for the global functional food market in 2020 owing to the prevalence of chronic diseases as a result of hurried lives, as well as growing consumer knowledge of the health benefits of functional foods, are driving this dominance. Furthermore, the region has the greatest obesity rate. The functional food ingredients sector is putting more money into research projects in order to produce new ingredients that will meet the diverse needs of potential customers in the region. Cargill, Incorporated (US), Archer Daniels Midland Company (US), and DuPont are the major companies in the North American functional food ingredients market (US). These companies have research and development labs where they develop a wide range of functional food additives for the food and beverage industries. Cargill made a USD 146 million investment.
Browse key industry insights spread across 200 pages with 119 market data tables and figures & charts from the report “Global Functional Food Market Size, By Ingredient (Carotenoids, Dietary Fibers, Fatty Acids, Minerals, Prebiotics & Probiotics, Vitamins & Others), By Product (Bakery & Cereals, Dairy Products, Meat, Fish & Eggs, Soy Products, Fats & Oils & Others), By Application (Sports Nutrition, Weight Management, Immunity, Digestive Health, Clinical Nutrition, Cardio Health & Others), By Distribution Channel (Supermarket/Hypermarket, Online, Drugstore, Nutrition & Health Food Store & Others); By Region (U.S., Canada, Mexico, Rest Of North America, The UK, France, Germany, Italy, Spain, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest Of Europe, China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest Of Southeast Asia), Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest Of Middle East & Africa, Brazil, Argentina, Rest Of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends And Forecast, 2021-2030” in detail along with the table of contents
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Key Companies & Recent Developments
Partnerships, strategic mergers, and acquisitions are expected to be the most successful strategies for industry participants to get speedy access to growing markets while also improving technological capabilities.
Market Segmentation of Global Functional Food Market
By Ingredient
- Carotenoids
- Dietary Fibers
- Fatty Acids
- Minerals
- Prebiotics & Probiotics
- Vitamins
- Others
By Product
- Bakery & Cereals
- Dairy Products
- Meat, Fish & Eggs
- Soy Products
- Fats & Oils
- Others
By Application
- Sports Nutrition
- Weight Management
- Immunity
- Digestive Health
- Clinical Nutrition
- Cardio Health
- Others
Key Players:
- BASF SE
- Cargill Inc
- General Mills, Inc
- Coca-Cola Co
- Standard Functional Foods Group, Inc
- GFR Pharma
- Danone
- Glanbia PLC
- Hearthside Food Solutions LLC
- Mars, Incorporated
- Meiji Co., Ltd
- Nestlé S.A.
- Raisio PLC
- Royal frieslandcampina N.V.
- The Kraft Heinz Company
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